Business
Xalles Holdings Q1 Updates and Q2 Plans
Xalles Holdings Q1 Updates and Q2 Plans.
About this update from Xalles Holdings Inc.
[{"type":"text","content":"WASHINGTON, DC, April 1, 2020 -- Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces a series of corporate updates from the first quarter of this year and additional information about its plans in the second quarter of 2020.Xalles completed the closing of the MinervaWorks Holdings, Inc. acquisition on March 31, 2020 as planned and originally announced in the March 19 news release, which followed the execution of a Share Purchase Agreement on March 18. Xalles also closed the acquisition of Gateway Innovations Limited on February 14, 2020, which had been previously announced in a January 4 news release. These two first quarter acquisitions position Xalles to move forward towards our 2020 goals of achieving profitability and between $4-5 million in revenue for the year.The Ghana Cyber City project under the recently acquired Gateway Innovations, has the potential to become a $200 million asset project. In 2020, Xalles Holdings expects to yield between $1-2 million in revenue from this wholly owned subsidiary. Xalles expects to continue the African technology and fintech expansion on the continent.MinervaWorks is expected to generate $3 million in revenue in 2020 and significantly more in future years through expanded deployment of The Brick. The Brick is a unique piece of hardware loaded with proprietary software and supported by a national service center that can tap into a client’s network probe everything about the organization’s IT assets. A few of results realized from this process include identification of unknown rogue devices or unauthorized network access, IT asset audit, immediate identification of stolen or rogue devices as well as cyber security threats. The Brick can become a game changer for many companies and industries. During the current pandemic crisis, MinervaWorks will be offering a special network and cyber security assessment at a heavily discounted price to support all small and mid-sized businesses.Xalles previously announced the execution of a Share Purchase Agreement with Kaden International Holdings Limited to acquire all of the ordinary common shares and all of the value of investments that Kaden International makes. As part of that agreement, Kaden International would acquire a stake in First Bullion Holdings Inc. First...